Factors Affecting Internal Control Information Disclosure in Chinese Companies
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
As the chinese economic development accelerated, chinese public companies become bigger and the external and internal business environment has got complicated. Due to the sudden environmental change, internal control is playing a significant role for corporate governance in the Chinese companies. Therefore, establishing an effective internal control system and discoursing internal control information to a certain extent has become requirements for the retention of investor confidence in China as well as other countries. The motivation of this study is to examine the level of internal control information disclosure in annual financial reports, and also to see which factors are related to the level of internal control information disclosure in the Chinese public companies. We find that government ownership, auditors’s reputation and leverage have positive influence on the level of internal control information disclosure with the sample of 46 manufacturing companies listed on the Shanhai Stock Exchange. However, we find no significant effects of the proportion of outside directors and profitability on the level of internal control information disclosure. This result shows a specific feature of internal control information disclosure in Chinese business environment, that may not be generalized in other countries.
Abstract
As the chinese economic development accelerated, chinese public companies become bigger and the external and internal business environment has got complicated. Due to the sudden environmental change, internal control is playing a significant role for corporate governance in the Chinese companies. Therefore, establishing an effective internal control system and discoursing internal control information to a certain extent has become requirements for the retention of investor confidence in China as well as other countries. The motivation of this study is to examine the level of internal control information disclosure in annual financial reports, and also to see which factors are related to the level of internal control information disclosure in the Chinese public companies. We find that government ownership, auditors’s reputation and leverage have positive influence on the level of internal control information disclosure with the sample of 46 manufacturing companies listed on the Shanhai Stock Exchange. However, we find no significant effects of the proportion of outside directors and profitability on the level of internal control information disclosure. This result shows a specific feature of internal control information disclosure in Chinese business environment, that may not be generalized in other countries.
참고문헌 (39)
- 김용식, "내부회계관리제도 취약기업 예측에 관한 연구 : 코스닥상장기업을 중심으로", 한국회계학회 학술대회논문집 (2011)
- 성백춘, "기업의 내부감사와 보안정책이 ERP시스템의 내부통제에 미치는 영향에 관한 실증연구", 상업교육연구, 11, pp.321~341 (2005), 한국상업교육학회
- 손성규, "내부회계관리제도의 도입 및 검토의견과 이익조정간의 관련성에 관한 연구", 회계정보연구, 29(2), pp.103~128 (2011), 한국회계정보학회
- 신호영, "내부회계관리제도의 중요한 취약점을 보고한 기업과 이익의 질", 상업교육연구, 21, pp.247~269 (2008), 한국상업교육학회
- 이기형, "회계투명성 확보방안으로서의 분식회계에 관한 연구", 상업교육연구, 8, pp.187~209 (2004), 한국상업교육학회
- 이장형, "내부통제 중요 결함 기업의 예측을 위한 데이터 마이닝 기법 유용성", 상업교육연구, 22, pp.223~241 (2008), 한국상업교육학회
- 최순재, "내부회계관리제도의 정보성", 회계정보연구, 27(4), pp.181~209 (2009), 한국회계정보학회
- Ashton, R.H, "An Experimental Study of Internal Control Judgments", Journal of Accounting Research, 12(1), pp.143~157 (1974)
- Abdel‐khalik, A, R, "Why do Private Companies Demand Auditing? A Case for Organization Loss of Control", Journal of Accounting, Auditing & Finance (1993)
- Bradury, "Voluntary Disclosure of Financial Segment Data", Accounting and Finance, 32, pp.15~26 (1992)
- Beasley, Mark. S, "An Empirical Analysis of the Relation between Board of Director Composition and Financial Statement Fraud", The Accounting Review, 21, pp.443~465 (1996)
- Carson, E, "Voluntary Disclosure of Corporate Governance Practices" (1997), University of New South Wales
- Chow, "Voluntary Financial Disclosure by Mexican Corporations", The Accounting Review, 62(3), pp.533~541 (1987)
- Craswell, "Discretionary Disclosure of Reserves by Oil and Gas Companies: an Economic Analysis", Journal of Business Finance and Accounting, 19, pp.295~308 (1992)
- DeAngelo, L., "Auditor Size and Audit Quality", Journal of Accounting and Economics, 3, pp.183~199 (1981)
- Eichenseher J., "Corporate Capital Structure and Auditor Fit", Advances in Accounting, (Suppl.1), pp.39~56 (1989)
- Eng, L. L., "Corporate Governance and Voluntary Disclosure", Journal of Accounting & Public Policy, 22, pp.325~345 (2003)
- Fama, "Separation of Ownership and Control", Journal of Law and Economics, 26, pp.301~336 (1983)
- Gray, Meek, "International Capital Market Pressures and Voluntary Annual Report Disclosures by U.S. and U.K. Multinationals", Journal of International Financial Management & Accounting, 6(1), pp.43~68 (1995)
- Healy, P.M., "The Effects of Firms’ Disclosure Strategies on Stock Prices", Accounting Horizons, 7, pp.1~11 (1993)
- Ho, S.S.M, "A Study of Corporate Disclosure Practices and Effectiveness in Hong Kong", Journal of International Financial Management and Accounting, 12(1), pp.75~101 (2000)
- Inchausti, B. G., "The Influence of Company Characteristics and Accounting Regulation on Information Disclosed by Spanish Firms", The European Accounting Review, 6, pp.45~68 (1997)
- Jensen, M.C, "The Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics (1976)
- Lang, "Corporate Disclosure Policy and Analyst Behavior", The Accounting Review, 71(4), pp.467~492 (1996)
- Lin Zhongzhen, "Fundamental Study of Reporting Disclosure in China", The China Accounting (2003)
- Li Shan, "System Control of Corporate" (2002), The Information System
- Li Xiao, "A Review of Control System of Companies", The Accounting Research (2003)
- Leftwich, Richard, "Voluntary Corporate Disclosure: the Case of Interim Reporting", Journal of Accounting Research, 19, pp.50~77 (1981)
- Macintonsh, "Management Control System and Departmental Interdependencies: An empirical Study", Accounting, Organization and Society, 12, pp.49~61 (1987)
- Malone, "An empirical Investigation of the Extent of Corporate Financial Disclosure in the Oil and Gas Industry", Journal of Accounting, Auditing and Finance, pp.249~273 (1993)
- Mckinnon, "Voluntary Disclosure of Segment Information by Australian Diversified Companies", Accounting and Finance, pp.33~50 (1993)
- Nichols D, "Auditor Credibility and Auditor Changes", Journal of Accounting Research, 21, pp.534~544 (1983)
- Owusu-Ansah, S., "The Impact of Corporate Attributes on the Extent of Mandatory Disclosure and Reporting by Listed Companies in Zimbabwe", The International Journal of Accounting, 33, pp.605~631 (1998)
- Pound, J., "The Promise of the Governed Corporation", Harvard Business Review, 73(2), pp.89~98 (1995)
- Singhvi, S, "An Empirical Analysis of the Quality of Corporate Financial Disclosure", The Accounting Review, 46(1), pp.129~138 (1971)
- Smith, A.J., "Financial Accounting Information and Corporate Governance", Journal of Accounting and Economics, 32, pp.237~333 (2001)
- Steven Maijoor, "The Internal Control Explosion", International Journal of Auditing, 4, pp.101~109 (2004)
- Wallace, R. S. O., "The Relationship Between the Comprehensiveness of Corporate Annual Reports and Firm Specific Characteristics in Spain", Accounting and Business Research, 25, pp.41~53 (1994)
- Xia Xin, "The Disclosure of Companies in Public Stock Exchange", The Accounting Research (2003)